Human wants are the desires or needs that people wish to satisfy in order to live comfortably and happily. In Economics, human wants refer to the things people would like to have, such as food, clothing, shelter, education, entertainment, and many others.
Characteristics of Human Wants
Unlimited
Human wants are endless. When one want is satisfied, another one appears.
Vary from Person to Person
Different people want different things depending on their age, culture, income, and environment.
Change Over Time
People’s wants change as they grow older or as society develops.
Competitive
Some wants compete with each other because people usually have limited resources like money and time.
Complementary
Some wants must be used together. For example, a phone may require electricity and internet.